Obama urges business leaders to address climate change

MANILA, Philippines - United States (US) President Barack Obama on Wednesday urged business leaders to get involved in renewable energy to prevent climate change.

In his speech at the Asia-Pacific Economic Cooperation (APEC) CEO Summit, Obama noted that the urgent threat of climate change is a challenge but also a business opportunity.

"We want to prevent the worst effects of climate change before it's too late. The time is now," Obama said, adding that no nation is immune from climate change.

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The American president stressed that governments need the help of the private sector in addressing climate change.

"We understand that the world is committed to a low carbon future. That's a signal to the private sector to go all in on renewable energy technologies," Obama said.

Obama noted that more than 160 countries, representing 96 percent of global emissions, have put forward climate targets for 2020.

"In Paris, just two weeks from now, we have to come together in an ambitious framework to protect the one planet that we have while we still can," Obama said, referring to the 2015 Paris Climate Conference.

The American president said that he remains optimistic of the outcome of the ambitious agreement in Paris, France.

The said agreement could generate opportunities and investments in the global economy, according to Obama.

"If we send a signal that this is something around the world is serious about, it could be an enormous generator of opportunity," the American president said.

Obama cited the US as an example, noting that it has produced thrice as much wind power and 20 times much solar power ever since he took office in 2009. Since 2005, the US has cut carbon pollution by more than any country.

The US leader also said that the APEC is working to double renewable energy and reduce energy intensity by 45 percent over the next two decades. He pointed out that Vietnam and the Philippines are among the APEC economies which have started to use renewable energy.

"There is not a contradiction between growth, development and being good stewards of the planet. They are complimentary," Obama said.

Obama added that the transition to clean energy does not need to "squeeze" businesses and consumers.

The US president earlier met with President Benigno Aquino III and assured to strengthen the defense ties with the Philippines.